The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-04-21
THE LATE ALEX AMBER MITCHELL.
A Deal by Which He Made 81, 600, 900
Eis Huya fortune.

A Deal by Which lie Made 81, OOO, 900
Speculation About His Huge Fortune.
Madison twis) Letter.
did YOU ever hear the true story OF how AL
exander Mitchell, the millit nalre scotch banker.
and president of the MllwaL kee Il St Paul rail-
road, came to build the Cha mber OF Commerce
building at Milwaukee,
Such was the interrogation >propounded few
days ago by man whom 20 ur correspondent
CHANGED to meet in the rotunda OF the hotel In
this city. The conversation tui ned on Senator
Potter. the author of the famo, Is Potter law,
and who this year has been very active IN the
anti-railroad legislation. The an swer to the
query was denial of knowledge. Inc cues
toner smiled in an incredulons W. y, and re-
piled:
''Well, there was one time in his lii when he
lay awake nights wondering what thu morrow
would bring forth, and, more than that, he
caused every director in the ST. Paul ompany
to do the same" He then told the TO flowing
story
in Wisconsin, in 1873 when the farmers HI eaded
by Taylor. carried everything before t. hem,
wping out a Republican majority of 100 TO
1000. elecring their candidate for Cover Tor
by $4,000 to $4,000 majority. They al 30
secured control of the Legislature. / t
was in the year following that Mr.. Potter
came to the front with his famous law, which
went through with a whirl. The law was par
ticularly obnoxious to railroad companies
rates were reduced to such extent that some
of the roads were on the verge of bankruptcy
The Milwaukee IL ST. Paul at that time had
larger interests in Wisconsin than any other cor
poraton, and, of course were particularly anx-
ious to have the law repealed; but, although
they had an army of lobbyists at Madison, they
could do nothing to the legislation that year
Grangerism everywhere rampant. lodges
were Instituted in every village in the State and
the outlook was pretty dark for the who
had money invested in railroad securities or, in
fact in anything save farming lands.
well Alexander Mitchell never weakened,
hnt ad 10 tha
whole power Of the railroads was exerted TO
secure control Of the Legislature. 1t was sup
posed early in the fall and winter that they had
succeeded, but there was so much doubt and I'M
certainty about the matter that it risky
business to speculate what would be DONE
| When the Legislature met the St. Paul road
| sent up large contingent of their most in
| fiuertial friends In both parties, among them
| Dave Vance, Edward Sanderson, Henry c.
| Payne, secretary of the Republican State cen
| trail committee. end other prominent Republican
! politicians. The Democratic cohorts were
| marshaled by Hon. Moses NJ. Strong. John A.
| Hinsey, Edward G. Wall, now postmaster at
| Milwaukee, and other old whee-horses Post
| master general Villas at that time the attor-
ney at Madison for one of the railroad companies
/ and the local wire Fullers were under his imme-
| date direction. The generals all. however,
pulled together. They looked over the field and
advised Mr. Mitchell that there good show
for the passage of bill repeating the Potter
| law. Mr. Mitchell, OF course, 10 his official
capacity the president OF the railroad COM
| pany repeated the information to the New York
capitalists interested in the road.
st Paul preferred stock at this time was
selling below 40. With the repeal of the OBJ
noxious law there would unquestionably be a
rapid advance in the price of securities of the
road Mr.. Mitchell received a message in the
early part of the winter from of the di-
| rectors in New York-W S. Gurnee, l think
! who died. few years ago. in Europe-the SUBJ
stance of which, as near as I can learn was
about follows:
1--we have formed pool to put up the pre-
ferred stock to 60, and have allotted yon To- 900
shares Is there any doubt about the repeal of
the law!
MIR. Mitchell replied accepting the allotment.
and said he thought there was question about
the repeal but that there nothing sure but
death HIS doubts, however, If he had any. did
not prevent him from ordering the purchase OF
! 1000 shares through his private brokers. Things
went along swimmingly for awhile, stocks slow
ly advancing, but the general public did not
have the slightest inkling of what was going on
behind the scenes
About the time the stock reached s. there